DL News reported that Sky, a DeFi lending platform that rebranded from MakerDAO, recorded a record-high revenue of $124 million in the first quarter. However, immediately after the revenue announcement, its governance token, SKY, actually fell by 2.4%. This is because the foundation decided not to use the earned money for token buybacks or burning, but instead to allocate it to an emergency fund in preparation for unforeseen circumstances. The foundation stated, "This is a choice for long-term survival, and once the emergency fund target of $150 million is met, we will resume holder returns." Nevertheless, the exodus of investors who expected short-term profits is expected to continue for some time.
